Sanford C. Bernstein Lowers Adobe (NASDAQ:ADBE) Price Target to $644.00

Adobe (NASDAQ:ADBE) had its target price cut by stock analysts at Sanford C. Bernstein from $660.00 to $644.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the software company’s stock. Sanford C. Bernstein’s price objective indicates a potential upside of 9.79% from the stock’s previous close.

Several other research firms also recently issued reports on ADBE. Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Robert W. Baird lifted their price objective on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Piper Sandler decreased their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.29.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $586.55 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $260.08 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 3.03 and a beta of 1.29. The firm’s 50 day simple moving average is $554.59 and its 200-day simple moving average is $520.35. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Adobe will post 14.69 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last 90 days. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in Adobe during the 2nd quarter worth $33,000. Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.